The Enhanced-Earned Value Management (E-EVM) Model: A Proposal for the Aerospace Industry

Pascual, Joaquín López; Rodríguez, Juan Carlos Meléndez; Rambaud, Salvador Cruz

doi:10.3390/sym13020232

Cited by 7 publications

(4 citation statements)

References 42 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Beyond this, the next step would be to identify the variables involved in the analysis of this specific option. According to López Pascual et al [72], the most suitable variables for the treatment of options in this context are the following (extracted from the so-called Enhanced Earned Value Management (E-EVM) model):…”

Section: The Modelmentioning

confidence: 99%

“…The analysis of the existing literature on this topic has shown the introduction of several extensions of this model, such as ESM [75][76][77], EDM [78], QEVM [79], E-EVM [62], and ZEVM [80]. One of them, the so-called Enhanced Earned Value Management (E-EVM) model, is a recent complement of the EVM in such a way that all the parameters involved in this methodology are considered in terms of both time and money [71,72]. This is a noteworthy variant of the EVM because the E-EVM allows us to visualize delays in the completion of tasks and also estimate the provisional gains and losses at each stage of the analyzed project.…”

Section: Conclusion Limitations and Future Researchmentioning

confidence: 99%

“…The aim of this paper is to apply the methodology of real options to the aerospace industry and, more specifically, the model defined by Meléndez Rodríguez et al [71], to certain variables involved in the so-called Enhanced Earned Value Management (E-EVM) model [72], giving rise to the so-called Enhanced and Efficient Earned Value Management (E 2 -EVM) model, which will incorporate the capacity of the project to be adapted to the Sustainable Development Goals. That is, there are a lot of persistent airborne applications and some new ones for which lighter-than-air hybrid vehicles are a real option, as indicated by the Royal Academy of Engineering and Royal Aeronautical Society [73].…”

mentioning

confidence: 99%

See 2 more Smart Citations

Sustainability in the Aerospace Sector, a Transition to Clean Energy: The E2-EVM Valuation Model

2021

Self Cite

View full text Add to dashboard Cite

Civil aviation is one of biggest industrial contributors to CO2 emissions worldwide. One of the most urgent problems of this sector is providing new technologies to continue operating in a more sustainable environment through a transition to clean energy. The Earned Value Management (EVM) model, as a traditional project management tool, is continuously being revised with new releases and extensions (e.g., ESM, EDM, QEVM, E-EVM, and ZEVM), but to date none of them has applied an expert judgment criterion to be able to modify and anticipate the final result of the project. In such a way, this paper introduces a novel approach to the topic with the so-called Enhanced and Efficient Earned Value Management (denoted E2-EVM) model by including this new capability through the real options methodology, thus helping to support the sustainability of the aerospace sector. This research focuses on three main goals: the description of recent green initiatives in the aerospace sector by checking its contribution to reaching the well-known Sustainable Development Goals (SDGs), the development of a new version of the EVM model by applying the real options methodology, and, finally, the financial contribution to the aerospace industry by applying these initiatives and methodologies.

show abstract

Section: The Modelmentioning

confidence: 99%

Section: Conclusion Limitations and Future Researchmentioning

confidence: 99%

mentioning

confidence: 99%

See 1 more Smart Citation

Sustainability in the Aerospace Sector, a Transition to Clean Energy: The E2-EVM Valuation Model

2021

Self Cite

View full text Add to dashboard Cite

show abstract

“…Roghabadi and Moselhi (2020) presented a new risk-based earned duration management model (RBEDM) for monitoring and estimating schedule performance of projects considering critical activities only and their associated risk factors. Another risk-related improvement included a new triangular intuitionistic fuzzy-EDM model to improve the applicability of time performance indices (Hamzeh et al, 2020).One of the most recent improvements from aerospace industry include the Enhanced-Earned Value Management (E-EVM) model with a capacity to detect both delayed and advanced projects by converting times (hours) into monetary units(Lopez Pascual et al, 2021). Another recent study from construction industry proposed the application of ANN and mathematical models to earned value management to estimate the schedule indices, which provided excellent results(Mohammed et al, 2021).…”

mentioning

confidence: 99%

Using Earned Value Management for More Sustainable Project Schedule Control

Avlijaš

2022

Manag: J. Sustain. Bus. Manag. Solut. Emerg. Econ.

View full text Add to dashboard Cite

Research Question: The aim of this paper is to provide a state-of-science review and offer a critical analysis of contemporary schedule related Earned Value Management (EVM) approaches. Motivation: Since the introduction of the EVM as a tool for project control in the late 1960s, academics have tried to improve its best application. Although this method significantly contributed to efficient cost management, application of EVM to schedule management was falling behind. A significant effort has been made to improve its usability for project time management, which resulted in a dramatic evolution. The paper builds on existing literature and earlier studies, adding value with the inclusion of the cost-based and time-based approaches for assessing project schedule performance. Idea: The idea of this paper was to evaluate some of the most significant EVM schedule control methods and identify open issues. The main study hypothesis is that the most recent approaches provide a more reliable forecast and thus a solid ground for further improvements. Data: A case study in the form of a simplified project was used to illustrate how different contemporary approaches compare in terms of conceptualization, methodological issues, and theoretical underpinnings. Tools: A combination of statistical analysis and Monte Carlo simulation was used to evaluate the performance of different EVM approaches. Microsoft Excel was used for data processing, Microsoft Project and SATA software for data visualization, and Oracle Crystal Ball for Monte Carlo simulation. Findings: Quantitative analysis confirmed that the project-specific Earned Duration Management (EDM) and Earned Schedule (ES) approaches provide sustainable and more accurate results during the whole projects lifespan, while forecasts obtained by more traditional methods proved to be unreliable in the later stages of the project. While practical application generally lags after the growing theory, the latest literature paves the way to the integration of EVM and risk management making the contemporary EVM approaches stochastic and therefore more realistic. Contribution: The results of this study can be used as a basis for introducing advanced and generally more usable EVM models, which will improve the project schedule control.

show abstract